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hello there my fellow self-employed persons or inspiring entrepreneurs this video is to talk about general liability insurance what is it what does it do for me and how do I get it so general liability insurance is going to be something that your business would need to protect yourself from damage that might be caused by you while you are conducting business on someone else's premises this is not errors and omissions insurance that's a whole separate thing maybe we'll do a video on that later if you want to know what errors and omissions is you can go look that up on the Internet this is about general liability insurance so what general liability insurance does is gives you the protections I just named a minute ago so here's an example if I go on to site I do IT work and if I were to accidentally bump into a piece equipment a piece of equipment to knock it over and damage it as long as I wasn't being reckless and as long as I wasn't being negligent or malicious then that should be a covered loss or what's my insurance company that I got the general liability insurance from should cover that repair or replacement of that piece of equipment general liability insurance can be obtained through many companies a quick way to do that is just to simply do an internet search for general liability insurance okay there's different providers in fact just about any major insurance company that you're familiar with such as Geico progressive Hiscox The Hartford um they provide general liability insurance for business and this video is targeted specifically for small business so there may be a little bit of a difference there you'll want to make that clear when you call to inquire about that year that you have a small business that your look get general liability insurance form all right so you can do an internet search and you can find the different places that provide it I highly recommend that you get quotes from one I'm sorry for more than one provider also you will notice that as you call these places and you get these quotes they're going to ask you questions about how you do your business they're going to say what do you do and their ask you a little bit about how you do it so here's an example they may say okay mr. so-and-so you provide networking repair and installation do you use ladders do you use heavy equipment do you use volatile chemicals all those questions are designed to get at the level of risk that they can expect by providing insurance for you as that level of risk goes up so too will your yearly premium so generally speaking general liability insurance for a one-person business providing some type of mundane service that isn't very dangerous is going to be somewhere between 300 to 500 dollars per year and don't worry a lot of times you don't have to pay that all at once you can usually pay it in monthly installments however as you begin to add certain risks to the way you do business such as ladders high-voltage heavy equipment chemicals maybe paint those things make the level of risk go up and so too will the yearly premium the amount you need to pay for that insurance the reason I bring this up is as you talk to these insurance providers it will be important that you clarify in your mind exactly what you want to tell them about the way you do your business I'm not advocating line I'm just saying you need to think about the way you present your business to them because it can have a big effect on your yearly premium all right so I've talked about what it does for you I've talked about where you can get it and that you should get quotes and how you should talk to the prospective providers now why do I need it as it relates to my customers well a lot of businesses that hire contractors or subcontractors want some proof of general liability insurance that comes on a form known as a certificate of liability insurance a certificate of liability insurance is usually presented on an industry standard a chord form see here a chord this is pretty much the standard way that we provide proof of general liability insurance to our customers now you know when you get automobile insurance you get a like a Insurance ID card that you pretty much can present to anyone it's not individualized but certificates of liability insurance are individualized they're individualized for what are known as certificate holders a certificate holder is the customer all right so let's go over this real quick at the top I've got that it's a cord certificate of liability insurance here in this section where it says producer that's the people who ride in the insurance the insured is me or my company and then in the middle is going to be things like what is being covered and what are the limits and then at the bottom is going to be the certificate holder that's your customer so therefore every customer that needs a certificate of general liability insurance is going to have to have one made for them this is not a form that you get yourself and fill out this is a form that you call your insurance company and say I need a certificate for this business big net communications for ABC liquors or whoever is going to be your customer and they will be known as because they will be what's known as a certificate holder they may also ask to be what's known as and we'll insured so if they need that you will have to let your insurance company know hey my customer needs a certificate of insurance from me they need to be a certificate holder and they also need to be an additional insured some will and some won't you just have to listen for the specifics when when you when you are dealing with a new customer and they're asking about insurance okay so that is an accord insurance form you will have one for every customer that requests the the certificate so you know in an individual one needs to make for every customer and again it's not a form that you get and fill out it's a form that you request from your insurance company and then they produce it individualized for the customer that's requesting it from you they may either send it to you and let you pass it on or they may send it directly to your customer all right so that's what general liability insurance is and that's how you get and that's what the Accord form looks like and that's what it does for you thanks for watching